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Jay Z's Tidal streaming service losing $2.3M a month

By Sarah Mulé
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Jay Z's Tidal streaming service losing $2.3M a month
Jay-Z and Beyonce arrive on the red carpet at the Costume Institute Benefit at The Metropolitan Museum of Art celebrating the opening of China: Through the Looking Glass in New York City on May 4, 2015. Jay Z's streaming service, Tidal, is recording record profit loss since the rapper and industry mogul acquired the company in early 2015. File photo by John Angelillo/UPI | License Photo

NEW YORK, Sept. 14 (UPI) -- Jay Z's Tidal streaming service is recording a record profit loss: $28 million in 2015 -- which averages to about $2.3 million per month since its acquisition a year and a half ago.

The company, which Jay Z and a group of other artists purchased in early 2015 from Swedish group Aspiro, has increased its revenue a mere 30 percent in the same time frame.

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Tidal boasted the highest percentage of royalty payouts than any other streaming service. According to legal papers filed by the group, those royalty payments account for nearly three-quarters of Tidal's total revenue in 2015.

The company is also reportedly $438,000 behind on its bills.

Tidal is owned by Jay Z and Beyoncé, Prince, Rihanna, Kanye West, Nicki Minaj, Daft Punk, Jack White, Madonna, Arcade Fire, Alicia Keys, Usher, Chris Martin, Calvin Harris, deadmau5, Jason Aldean and J. Cole.

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